Carsten Kengeter, co-chief executive of UBS Investment Bank, is stepping back from his additional role as joint head of fixed income, currencies and commodities (FICC), following two high profile appointments in the securities business. UBS appointed Neal Shear, 55, as head of global securities on Monday and named Roberto Hoornweg, 41, as global head of securities distribution, as it looks to increase revenues from the business.

Shear, with over 30 years experience in the securities industry, spent most of his career at Morgan Stanley, which he left in February 2008 and where he was most recently co-head of sales and trading.

Hoornweg spent 17 years at the U.S. investment bank, which he left last July and where he was most recently head of global interest rates, credit and currencies.

(Reporting by Victoria Howley; Editing by Dan Lalor)

Investment Morgan Stanley